Parking a vehicle in densely populated environments is often a frustrating experience due to the dearth of free parking spaces and the expense of private parking garages or lots. This is especially true in populated urban environments such as the downtowns of large municipalities (e.g., New York City, San Francisco, etc.). Moreover, parking is often in demand near destinations or event venues such as neighborhoods surrounding sports stadiums, concert halls, amusement parks, or beachfronts.
Additionally, the high price of real estate has motivated many property owners to seek out non-traditional ways for property owners to monetize their real property assets. For example, homeowners can often rent out rooms in their homes to tourists or travelers using an online home rental platform.
Therefore, a solution is needed for a parking management system to conveniently, securely and effectively allow property owners to rent out their available parking space(s) and for drivers seeking parking to reserve such parking spaces. In addition, such a solution should assist the property owner in determining an appropriate rental price for their parking spaces. Also, such a solution should be able to assist the property owner in maximizing their earning potential from such assets by ensuring adequate turnover in parked vehicles and that empty parking spaces are occupied quickly and efficiently. Moreover, such a solution should also ensure that drivers vacate rented parking spaces in time so as not to inconvenience property owners who require such spaces and suggest appropriate penalty measures when drivers overstay their allotted parking times.